BTC has now formed a downward channel pattern on the 1-hour level!
After the key support level of 106480 was effectively broken, the market experienced a sharp drop (I would like to add my personal opinion here: if one could catch the oversold rebound in the morning, it should be possible to make a quick profit in the short term). Currently, the price is repeatedly testing around 106400, which was previously a support level and has now become a resistance level.
My view is clear: if the bulls can strongly break through 106400, the market is likely to continue the rebound trend, forming a new range at a higher position; however, if this level continues to hold the price down and a bearish reversal signal appears (such as a large bearish candlestick or indicator divergence), I will definitely not hesitate to go short. This position is currently a critical point for bulls and bears, and one must closely monitor the gains and losses at this key level without being blinded by short-term fluctuations.
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